Key points:
Bitcoin (BTC) passed $104,000 at the June 6 Wall Street open as strong US labor market data contrasted with fresh calls for interest-rate cuts.
Bitcoin edges higher as Trump moves to Fed
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD up 2.5% on the day.
Having recovered from snap losses over the ongoing spat between US President Donald Trump and SpaceX CEO Elon Musk, markets digested fresh inflation cues as Trump turned his attention to the Federal Reserve.
โโToo Lateโ at the Fed is a disaster!โ he wrote in part of the dayโs posts on Truth Social.
Trump is no stranger to criticism of both Fed policy and Chair Jerome Powell, and has frequently demanded interest-rate cuts in 2025 โย something that would benefit risk assets and crypto.
โEurope has had 10 rate cuts, we have had none. Despite him, our Country is doing great,โ he continued, referring to Powell.
โGo for a full point, Rocket Fuel!โ
As Cointelegraph previously reported, markets see little chance of cuts coming before the Fedโs September meeting, per data from CME Groupโs FedWatch Tool, with Trumpโs full pointโs worth fully priced out.
The dayโs nonfarm payrolls data meanwhile appeared to support the Fedโs current approach, showing a resilient labor market and thus decreasing the need to lower rates.
An official release from the US Bureau of Labor Statistics (BLS) confirmed that โtotal nonfarm payroll employment increased by 139,000 in May, and the unemployment rate was unchanged at 4.2 percent.โ
Analysis warns of Bitcoin โliquidity trapโ
Turning to BTC price action, popular trader TheKingfisher returned to order book liquidity for clues as to market direction.
Related: Bitcoin Hash Ribbons metric just delivered its 3rd โbuyโ signal of 2025
Earlier, Cointelegraph noted various downside price predictions for the short term, with commentators agreeing that BTC/USD could fall below $100,000.
โThis $BTC liquidation map (optical_opti timeframe) reveals a massive cluster of long liquidations between ~99k and 102k,โ part of an X post read on the day.ย
โThat’s a huge magnetic zone below current price. In contrast, short liquidations above ~104.5k are minimal.โ
TheKingfisher added that the resulting โstrong imbalanceโ of bid versus ask liquidity increased the risk of a liquidity cascade downward.
โNormies see support; we see a liquidation trap,โ the post summarized.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
